Road & Spak: Latest setups for Week 3 of 2Q26 auto earnings

Research evidence excerpt

Road & Spak: Latest setups for Week 3 of 2Q26 auto earnings

Global Research

2 August 2026ab

Road & Spak Equities

AmericasLatest setups for Week 3 of 2Q26 auto earnings

Automobiles

Joseph Spak, CFA

Post LEA 2Q26 results/commentary, we believe the setup/narratives have shifted a bit as Analyst

the company threw some water on hopes that 2027 could be a sales growth joseph.spak@ubs.com

acceleration year. On the one hand, we believe there will be an onus on companies to be +1-212-713 3089

able to credibly point to growth in 2027 for stocks to begin to work again. On the other Robert Saltzman

hand, the bar may be a little lower now. See our recaps from a busy week 2 of earnings Analyst

from F, APH, ST, PHIN, RIVN, MGA, ABG, LAD, PAG, CVNA, GPI, and AN this past week. robert.saltzman@ubs.com

+1-212-713 2992

Now, on to this week's setups. As a reminder, we are still hosting post EPS management Alejandro Nuno

call backs with APTV, LEA, and SAH. See full schedule and register here which will Associate Analyst

also give you access to replays for 6 other management calls. alejandro.nuno@ubs.com

+1-212-713 3886

Latest thoughts on this week’s reporters: Gabriel Gonzales, CFA

APTV (8/4 BMO): There is still a good contingent of investors we talk to that Associate Analyst

gabriel.gonzales@ubs.com

believe APTV has to lower their 2026 outlook. We are more sanguine but

+1-212-713 4866

acknowledge that the implied 2H ramp on growth looks steep (~3% GoM in 1H,

~8% in 2H). That said, there are some factors weighing down 1H including

program roll-offs.. On margin, implied 2H EBITDA margin is 19.5% vs. implied

1H26 of 17.7%. But, as a client reminded us of a response to our question on EV

recoveries earlier this year on 4Q25 earnings call, CEO Clark stated: "as it relates to